A FUNDING package towards the regeneration of the City Centre South is set to be approved by Coventry council which will see new shops, affordable homes and public open space.
The regeneration covers areas including Hertford Street, Market Way, City Arcade and Bull Yard and intends to create a vibrant new central quarter for Coventry over the next ten years.
The project is being developed by Shearer Property Regen Ltd and will include up to 1,500 new homes, including 20 per cent affordable housing and socially rented accommodation.
The funding package is made up of £28.7million from the £98.7million already committed to the scheme by the West Midlands Combined Authority (WMCA), as well as £5.25million from the Council.
The new accommodation will be sustainably built and will be comprised of private for sale, private for rent and affordable homes all with access to balconies, communal courtyards and other amenity spaces.
The regeneration will also focus on green corridors, including green spaces in an enhanced public realm.
There will also be more trees planted and new routes connecting the site to Coventry Market, the station and the rest of the city centre.
Coun Jim O’Boyle, Cabinet Member for Jobs, Regeneration and Climate Change, said: “The City Centre South project represents a major opportunity for our city.
“It’s our chance to take a dated part of our city centre and transform it into a mixed-use space with residential and family-friendly space that incorporates green areas as well as commercial and leisure space.
“This will be an area that works for the people that live there, the wider city, visitors and businesses.
“Places should never stand still and that’s truer now than it has ever been, that’s why I’m so pleased that the private sector wants to lead this £450 million investment in the future of our city centre.
“This development also represents a real opportunity to create jobs for Coventry people at all stages – from construction to completion and we are already having discussions about how we maximise opportunities for local people.”
Coun David Welsh, Cabinet Member for Housing and Communities, added: “The plans for City Centre South are bold and befitting of our modern city.
“The most compelling aspect of the project is that a number of these new homes will be affordable.
“Building a community goes beyond providing homes which is why I was pleased to see that the City Centre South scheme will be integrating leisure and healthcare facilities into this new quarter as well.”
